Market Updates
Nasdaq Dropped 3% and Nvidia Plunged 11% Amid China Competitions
Barry Adams
27 Jan, 2025
New York City
Wall Street indexes opened sharply lower after investors turned cautious about the artificial intelligence-related stocks.
The S&P 500 index and the Nasdaq Composite declined as much as 2% in early trading after a China-based startup released an open-source artificial intelligence model substantially cheaper than available in the U.S.
China-based startup DeepSeek's artificial intelligence models passed all key metrics in competitive tests conducted by independent analysts.
In the week ahead, investors are looking to review a flood of earnings from leading global corporations, and about 400 companies are scheduled to release earnings this week.
This week, Microsoft, Meta, Apple, Tesla, IBM, Visa, Mastercard, Exxon Mobil, Blackstone, and Caterpillar are scheduled to release their earnings.
On Thursday, the U.S. Federal Reserve is set to hold the federal funds rate steady between 4.25% and 4.50% after three consecutive rate cuts in 2024.
Investors are also looking forward to the preliminary estimate of GDP growth rate in the fourth quarter.
U.S. Stock Movers
Nvidia dropped 11% to $125.49, Broadcom fell 11% to $217.86, and AMD declined 4.2% to $117.80.
Microsoft fell 4.2% to $424.0, Alphabet declined 3.5% to $194.25, and Meta Platforms eased 4.5% to $624.73.
Annual Returns
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Earnings
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